New well boosts Yemen oil production

A new oil field in eastern Yemen came on stream Thursday, boosting the country's output to 478,000 barrels per day (bpd), an oil ministry official said here.

A new oil field in eastern Yemen came on stream Thursday, boosting the country's output to 478,000 barrels per day (bpd), an oil ministry official said here.

Production from the new well in the province of Hadramunt, initially 8,000 bpd, should rise to 25,000 bpd in a few months, the official said.

He added that Yemen would also be building a third refinery, costing $190 million and with a capacity of 60,000 bpd, in the coastal city of Al-Shahr in Hadramunt.

Built with private investment, it is scheduled to be operational in 2003, adding to those in Aden in the south and Mareb in the center which have a total capacity of 210,000 bpd.

In July Yemen's Oil Minister Mohamed al-Khadem al-Wajih said oil revenue should reach $1.4 billion this year, up 40 percent on 1999.

Yemen, which is not a member of the Organisation of Oil Exporting Countries, plans to boost its output to nearly 700,000 bpd. One of the world's least developed countries, its total reserves are estimated at 4.6 billion barrels.—AFP.